Kimber announces closing of public offering of common shares in the U.S.
February 10 2010 - 1:26PM
PR Newswire (US)
VANCOUVER, Feb. 10 /PRNewswire-FirstCall/ -- Kimber Resources Inc.
(NYSE Amex:KBX, TSX:KBR) ("Kimber" or the "Company") is pleased to
announce that it has closed its previously announced public
offering of common shares in the United States (the "Offering").
The Company sold 3,142,000 common shares (the "Shares") at US$1.00
per share for gross proceeds of US$3,142,000. Scarsdale Equities
LLC ("Scarsdale") acted as placement agent for the Offering
pursuant to a placement agency agreement, dated February 3, 2010,
between the Company and Scarsdale. Kimber has granted Scarsdale the
exclusive right to place in the aggregate up to a further 15% of
the Shares, being 471,300 common shares of the Company under the
same terms and conditions as the Offering of the Shares, for a
period of thirty (30) calendar days from February 3, 2010 (the
"Agent's Option"). The Company paid Scarsdale a placement fee of
US$141,390 (equal to 4.5% of the gross proceeds received by the
Company from the sale of the Shares) in relation to the Offering.
The Company intends to allocate the net proceeds from the offering
as follows: (i) for a preliminary economic assessment on the
Monterde Property and potentially for related additional test work;
(ii) for exploration, including possible drilling at the Pericones
property; (iii) for further exploration of the Monterde Property;
and (iv) to use any remaining net proceeds of the Offering,
including the net proceeds from the exercise of the Agent's Option,
if any, for working capital requirements and/or for other general
corporate purposes. The Shares are being offered directly by the
Company pursuant to a prospectus supplement to the Company's
effective shelf registration statement on Form F-3 (Registration #
333-151417) previously filed with the Securities and Exchange
Commission. Copies of the prospectus supplement and accompanying
base prospectus relating to the Offering may be obtained from the
Securities and Exchange Commission website at http://www.sec.gov/,
or from the placement agent at: Attention: Prospectus Department
Scarsdale Equities LLC 10 Rockefeller Plaza, Suite 720 New York,
New York 10020 Telephone: 646-825-4624 E-mail: Kimber has also
filed a short form prospectus with the securities commission of
British Columbia, in respect of the distribution of the Shares
although no Shares will be offered or sold in any province or
territory of Canada. This press release does not and shall not
constitute an offer to sell or the solicitation of an offer to buy
any of the securities, nor shall there be any sale of the
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any state or
jurisdiction. About Kimber Kimber owns mineral concessions in the
prospective Sierra Madre gold-silver belt, including the Company's
Monterde property. In addition, the Company has a 100% interest in
the mineral concessions of its Pericones property. Forward looking
statements This press release may contain or refer to
"forward-looking information" and "forward-looking statements"
within the meaning of applicable United States and Canadian
securities laws, which may include, but is not limited to,
statements with respect to the anticipated use of proceeds and
other plans, estimates and expectations. Such forward-looking
statements reflect our current views with respect to future events
and are subject to certain risks, uncertainties and assumptions,
including, without limitation, risks related to the use of proceeds
and the risks and uncertainties outlined in our most recent
financial statements and reports and registration statement filed
with the United States Securities and Exchange Commission (the
"SEC") (available at http://www.sec.gov/) and with Canadian
securities administrators (available at http://www.sedar.com/).
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those anticipated, believed, estimated or
expected. We do not undertake to update forward-looking statements.
Cautionary Note to U.S. Investors - The United States Securities
and Exchange Commission permits U.S. mining companies, in their
filings with the SEC, to disclose only those mineral deposits that
a company can economically and legally extract or produce. Kimber
Resources uses certain terms in its public disclosure, such as
"measured," "indicated," and "inferred," "resources," which the SEC
guidelines strictly prohibit U.S. registered companies from
including in their filings with the SEC. U.S. Investors are urged
to consider closely the disclosure in our Form 20-F which may be
secured from us, or from the SEC's website at
http://www.sec.gov/edgar.shtml. DATASOURCE: Kimber Resources Inc.
CONTACT: Matthew Hamilton, Manager of Investor Relations or Gordon
Cummings, CA, President and CEO, North America Toll Free:
1-866-824-1100, Tel: (604) 669-2251, Fax: (604) 669-8577, Email:
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